Greek economy contracts 0.4 percent in fourth quarter

ATHENS: Greece’s economy shrank by 0.4 percent in October-to-December compared to the third quarter when gross domestic product grew by an upwardly revised 0.9 percent, the country’s statistics service (ELSTAT) said on Tuesday.

The seasonally adjusted data showed the economy grew at an annual 0.3 percent pace in the fourth quarter, at a much slower clip than in the third quarter, when it expanded by an upwardly revised 2.2 percent.